Policybazaar integrates with AECB to implement real-time Credit Score eligibility checks

PB Fintech FZ (‘Policybazaar UAE’) has joined into a technical/API integration with Al Etihad Credit Bureau (AECB) to implement real-time eligibility checks for credit card applications based on the AECB Credit Score and banks’ approval criteria.

Customers of Policybazaar UAE may now apply for credit cards and receive an instant indication of their chances of being pre-approved based on their AECB Credit Score, which the system obtains automatically. This pre-eligibility check will allow banks to approve applications more quickly. The AECB Credit Score, which will be shown in real-time on screen and provided to applicants through email by AECB, will be covered by Policybazaar.ae.

Marwan Ahmad Lutfi, CEO of AECB said: “This new access channel will make our credit scores easily accessible by individuals through multiple digital distribution channels. Our system now allows marketplaces, aggregators, and potentially any digital platform to integrate with AECB’s systems through APIs. This will enable individuals in the UAE to obtain their AECB Credit Scores through digital channels, thereby facilitating access to credit information and making the credit score an integral part of business practice.”

Neeraj Gupta, CEO, Policybazaar UAE said: “This integration will offer our customers an instant and convenient access to their AECB credit scores on Policybazaar.ae platform. This integration lays out an analytical framework for customers in UAE to make informed financial decisions while having immediate access to their financial information. After knowing their actual credit history, customers can create different credit scenarios by evaluating themselves before making the leap towards their next purchase.”

“We advise maintaining a good credit history, which will avoid a higher rate of interest/credit refusals from the lenders and let customers avail of other benefits,” he added.

The AECB Credit Score is a three-digit score that assesses a person’s creditworthiness by indicating how likely they are to meet their payment obligations on time-based on previous payment practices. The Credit Score is calculated by the AECB utilizing data it obtains on a regular basis from financial and non-financial organizations in the UAE. The AECB Credit Scores range from 300 to 900, with a higher score indicating a reduced risk level. If a customer’s credit score is 300, it suggests they have missed a payment, such as a phone bill, a loan payment, or even a credit card payment. A good and high AECB credit score (657 or more is deemed low risk, or 4 out of 5 stars) on the other hand, indicates that a customer’s credit behaviour reflects a reduced risk, which correlates to easier credit card availability and speedier loan approvals.

The major factor in determining the AECB Credit Score is the customer’s attitude toward their financial commitments. Make timely payments, minimise bounced checks, decrease unneeded debt, and lower outstanding credit card balances to boost credit scores and reports.